Forexlive Americas FX news wrap: Dollar sinks after non-farm payrolls miss estimates

<ul><li><a href="https://www.forexlive.com/news/us-october-non-farm-payrolls-150k-vs-180k-expected-20231103/">US October non-farm payrolls +150K vs +180K expected</a></li><li><a href="https://www.forexlive.com/news/us-october-ism-services-518-vs-530-expected-20231103/">US October ISM services 51.8 vs 53.0 expected</a></li><li><a href="https://www.forexlive.com/news/canada-october-employment-175k-vs-225k-expected-20231103/">Canada October employment +17.5K vs +22.5K expected</a></li><li><a href="https://www.forexlive.com/centralbank/feds-bostic-policy-is-likely-in-the-right-place-given-the-economic-outlook-20231103/">Fed's Bostic: Policy is likely in the right place given the economic outlook</a></li><li><a href="https://www.forexlive.com/news/baker-hughes-us-oil-rig-count-496-vs-504-prior-20231103/">Baker Hughes US oil rig count 496 vs 504 prior</a></li><li><a href="https://www.forexlive.com/centralbank/boes-haskel-estimate-of-6-equilibrium-is-the-upper-limit-for-me-20231103/">BOE's Haskel: Estimate of 6% equilibrium is the upper limit for me</a></li><li><a href="https://www.forexlive.com/centralbank/feds-barkin-it-was-welcome-to-see-lessening-pressure-in-the-jobs-data-20231103/">Fed's Barkin: It was welcome to see lessening pressure in the jobs data</a></li><li><a href="https://www.forexlive.com/news/us-october-sp-global-final-services-pmi-507-vs-509-prelim-20231103/">US October S&amp;P Global final services PMI 50.6 vs 50.9 prelim</a></li><li><a href="https://www.forexlive.com/news/canadian-october-sp-global-services-pmi-466-vs-478-prior-20231103/">Canadian October S&amp;P Global services PMI 46.6 vs 47.8 prior</a></li><li><a href="https://www.forexlive.com/news/hezbollah-leader-gaza-operation-was-100-planned-in-gaza-20231103/">Hezbollah leader: Gaza operation was 100% planned in Gaza</a></li><li><a href="https://www.forexlive.com/centralbank/boes-pill-we-held-rates-because-economic-restraint-needs-to-be-maintained-20231103/">BOE's Pill: We held rates because economic restraint needs to be maintained</a></li></ul><p>Markets:</p><ul><li>Gold up $7 to $1992</li><li>US 10-year yields down 9.3 bps to 4.57%</li><li>WTI crude oil down $1.64 to $80.83</li><li>S&amp;P 500 up 1.0%</li><li>NZD leads, USD lags</li></ul><p>This week marked a turn of the calendar and a turn in markets. Treasury yields plunged and the dollar sank along with them. Meanwhile, it was the best week for equities in a year.</p><p>Non-farm payrolls and ISM services were both on the weak side and that helped the trend to extend, leading to one-month highs in cable, EUR/USD and AUD/USD. The moves were limited to around 40 pips immediately after non-farm payrolls but later extended as revisions in the report and other details led the market to price in 100 bps in Fed cuts next year.</p><p>Clearly momentum was part of the equation as USD/JPY fell through 150.00 and continued to 149.17, finishing near the lows.</p><p>CAD lagged somewhat along with the US dollar as Canadian employment softened and oil prices cooled. Hezbollah's leaders spoke for the first time and indicated there won't be a second front in the war, taking the geopolitical premium out of oil. Still it was the second day of sharp decline in USD/CAD.</p><p>Overall, it was a lively week and it's now a good time to take two days and reflect. Remember that US clocks go back an hour on the weekend.</p>

This article was written by Adam Button at www.forexlive.com.